Forced Out GHM Speaks Out on Setai Shakedown

Singapore-based General Hotel Management, aka the people who were running The Setai in South Beach until they were forcibly removed from the property by the Setai's owners, Lehman Brothers, have just put out a statement with their side of the story.

Hans R. Jenni, President and Director of GHM, said:

"Representatives from Lehman Brothers arrived at the hotel with armed guards and off duty sheriff officers in uniform in the early morning hours on March 31st. They informed us that they were taking over the property and that General Hotel Management (GHM) was no longer welcome on the property. These actions took us by surprise, as we had no prior indication they were intending to do this, nor were we under the impression that they were unhappy with our performance. We had just achieved the second best financial performance year since the inception of the hotel, not an easy accomplishment in the current economic environment."

Jenni went on to say that GHM would not be commenting on the specifics of Lehman Brother's allegations (largely imprudent spending which you can read about here.) However, Jenni asserted that Lehman Brothers have "ignored a valid contract, stormed the hotel and have taken the law into their own hands. Their lawless behavior is sending the message that no contract is enforceable."

No doubt, this story will be continued and continued and continued some more....